It's based on AmigaOS4.0! :-)
What it's based on is is the OS3.1 sourcecode and whatever OS3.9 sourecode Amiga managed to scrap together for Hyperion.
It isn't the MorphOS kernel, otherwise there would be no red team and big team competing to be The Sorest Looser. :-D
And AROS? Are you serious? Hehe. LOL! :-D In this case it would be an Amiga inspired kernel, but not The Amiga kernel. And you would see no OS4 on x86 threads. I regret saying that "phrase" but it was a logical progression.